Americans are saving their money during an economic crisis they aren't sure will end anytime soon.
The U.S. GDP fell 9.5 percent in the second quarter from the first, and 32.9 percent year over year, Bureau of Economic Analysis data released Thursday indicates. That's the sharpest decline the economy has seen since the 1940s, as even though the Great Depression's economy dipped further, it was spread out over a longer period, Bloomberg reports.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Book reviews: 'The Thinking Machine: Jensen Huang, Nvidia, and the World’s Most Coveted Microchip' and 'Who Is Government? The Untold Story of Public Service'Feature The tech titan behind Nvidia's success and the secret stories of government workers
-
Mario Vargas Llosa: The novelist who lectured Latin AmericaFeature The Peruvian novelist wove tales of political corruption and moral compromise
-
How to see the Lyrid meteor showerThe explainer A nice time to look to the skies
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
